Anyone who has ever had a bank account, a mortgage, a credit card, a car loan, an account with a retail store etc. will almost definitely have a credit rating. 

Most information in your credit rating comes from companies you have credit with such as the banks, department stores, finance companies etc. as well as from certain public records such as lawsuits, tax liens, judgments and bankruptcies. 

In accordance with Federal Law, accurate Negative information, such as late payment or an account turned over to a Collection Agency can remain on your credit report for seven years. 

If you have been denied credit, insurance, a job or rental dwelling opportunity because of information contained in your credit report, you are entitled to a complimentary copy of your report within 60 days. If after checking you believe the information to be incorrect you may file a brief statement explaining why. Inaccurate information on your credit may be removed but no one can have accurate, current or verifiable information removed from your record. 

Credit reports are usually divided into five sections:

1. Your credit history
2. By who your history has been reviewed by
3. Information you have given to the Credit information company
4. Specific Identification information on you
5. Explanatory notes and comments

Different States have different conditions and it is important that you check with your circumstances especially in California, Colorado, Connecticut, Maryland, Massachusetts and Washington. 

 

Two leading Consumer Credit Companies are:

• Experian 800- 422- 4279

• Equifax 800- 685-1111 

For more information about Credit Reports, please click on the following links:

Understanding your Credit  How well you have handled your credit obligations in the past is of utmost importance to lenders today. The good news is that this information, for the most part, is available to you...  

 

Q&A for Loans and Credit   Learn how your credit history can affect buying a home...

  

Guard Your Credit History   It's one thing to have late payments or delinquencies on your credit report. Everybody has forgotten a payment or two. But it's quite different when somebody else's mistakes cause "dings" on your report...

  

Is Your Credit on Target  Whether you're making a big purchase like a house or a new car, or a less ambitious transaction like applying for a credit card, your prospective lender always runs a credit report on you...